Question: Solve the problem. An art gallery offers 30 prints by a famous artist. If each print in the limited edition is priced at p dollars,

Solve the problem. An art gallery offers 30 prints by a famous artist. If each print in the limited edition is priced at p dollars, it is expected that q = 540 - 2p prints will be sold. a. Find the elasticity of demand. Determine the values of p for which the demand is elastic, inelastic, and of unit elasticity. b. If you were the owner of the gallery, what price would you charge for each print? Explain the reasoning behind your decision. a. E(p) = 270 - P Demand is elastic when p > 135, inelastic when p 270, inelastic when p 270, inelastic when p 135, inelastic when p

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